Greater Noida Authority Waives Registration Penalties, Helping 40,000 Buyers Save Rs 100 Crore

GREATER NOIDA, July 23, 2024 – In a landmark decision, the Greater Noida Authority has announced a six-month waiver on penalties for delayed registrations of stalled builder projects. This move is set to provide significant financial relief, estimated at Rs 100 crore, to around 40,000 homebuyers.

Greater Noida Authority Waives Registration Penalties

Effective immediately, 12,000 homebuyers will receive instant relief, with another 28,000 expected to benefit over the next six months, saving Rs 2 to 2.5 lakh each. This decision addresses the financial burden caused by delayed registrations due to builder issues, providing a much-needed respite for homebuyers.

Greater Noida Authority Waives Penalties

Six-month waiver of penalties for delayed registrations.
40,000 homebuyers in Greater Noida.
Effective immediately, lasting six months.
To alleviate financial burdens due to stalled projects.
Waiver of Rs 100 per day penalty for registration delays.

Greater Noida Authority: Unfair Penalties

The Greater Noida Authority previously imposed a penalty of Rs 100 per day on homebuyers for delays in registrations, a problem often caused by builders’ failure to secure occupancy certificates or clear dues. This waiver, influenced by the advocacy of NeFOWA and efforts by Jewar MLA Dhirendra Singh, directly addresses this issue, offering substantial relief to homebuyers who were unfairly penalized.

Greater Noida Authority Developments

The registration delays in Greater Noida have impacted thousands of flats across 96 projects. The Greater Noida Authority’s new policy follows the recommendations of the Amitabh Kant Committee by NITI Aayog, which suggested pragmatic solutions to ease the burden on homebuyers. By implementing a 25% deposit rule on builder dues, the authority aims to expedite the registration process.

This decision significantly impacts homebuyers like Priya Sharma, who have faced prolonged delays and financial strain. Priya, who has waited over a year for her flat registration, expressed immense relief. “This waiver removes a significant financial burden. It’s a much-needed break for buyers like me who have been caught in this situation through no fault of our own,” she said.

Jewar MLA Dhirendra Singh: “This decision is a major victory for homebuyers in Greater Noida. It reflects our commitment to protecting the residents’ interests and ensuring their financial stability.”

NeFOWA Representative: “Our long-standing demand for this exemption has finally been met. This six-month waiver is a crucial step towards fair treatment of homebuyers.”

Greater Noida Authority Data and Statistics

Affected Projects: 96 in Greater Noida.
Immediate Beneficiaries: 12,000 homebuyers.
Future Beneficiaries: 28,000 homebuyers.
Total Relief: Rs 100 crore.
Individual Savings: Rs 2 to 2.5 lakh per registration.

Future Prospects

This waiver not only provides immediate financial relief but also sets a precedent for more buyer-friendly policies in the real estate sector. It underscores the need for regulatory bodies to take proactive steps to protect consumer interests and ensure fairness in the housing market.

The Greater Noida Authority’s decision to waive penalties for delayed registrations marks a pivotal moment for homebuyers, providing much-needed financial relief and setting a positive example for future policies. This move highlights the importance of fair regulatory practices and the authority’s commitment to resolving long-standing issues in the real estate sector. For more details and updates, visit the official Greater Noida Authority website here.

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